Spain's luxury sector defies recession

Madrid, Dec 26 (IANS/EFE) Spanish firms offering luxury goods and services will end the year with total sales of 4.79 billion euros ($6.3 billion), up 15 percent over 2011.

Coming against a backdrop of recession, high unemployment and declining domestic consumption, most of the gain can be attributed to exports and spending by foreign tourists, according to Cristina Martin, CEO of the industry association Luxury Spain.

"Forty percent of Spanish firms' turnover is due to international sales," she told EFE.

The "made in Spain" label attracts foreign consumers looking for "quality and tradition", Martin said.

The culinary and beauty sectors together account for 60 percent of total spending on luxury products and services in the Iberian nation, while fashion - particularly jewellery and leather goods - is becoming increasingly important within the segment, she said.

Luxury Spain was founded in May 2011 to promote Spanish luxury goods and services both at home and abroad and to protect the images of leading brands.




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